Market update Fox Valley week 46
Market update Fox Valley week 46. New listings of single family homes are down 12.64%. 152 this week compared to 174 the week before. We are definitely not listing enough homes to meet the demand of buyers.
Closed listings of single family homes are also down by 30.18%. 199 this week compared to 285 the week before. Closings in the beginning of the month are to be expected. Most buyers want to close at the end of the month.
Take a look at the communities with the most activity this week:
Aurora-New 20 $139,900-$389,000
Batavia-New 3 $239,000-$335,000
Bolingbrook-New 11 $229,900-$414,900
Montgomery-New 4 $188,900-$389,000
Naperville-New 25 $275,000-$849,900
Oswego-New 6 $239,900-$525,000
Plainfield-New 22 $169,000-$569,000
St Charles/Campton Hills-
Contracts accepted this week
Contracts accepted this week on single family homes were very consistent. 239 this week compared to 233 the week before. Even though there were less listings this week buyers were still finding a home. They fought for them with multiple offers in a lot of cases.
Look at the communities sellers accepted the most contracts:
Plainfield-28 St Charles/Campton Hills-18
Only 1 short sale was accepted by a seller this week. It was in Plano. Now it will be submitted to the lender to see if they will also accept.
Sellers accepted contracts that are contingent on the buyer closing on their current home. 3 with a kick-out clause of 72 hours, 14 with 48 hours and 4 with 24 hours.
Also, sellers accepted contracts that are contingent on the buyer selling and closing on their current home. 1 with a kick-out clause of 72 hours, 4 with 48 hours and 1 with 24 hours.
2020 market update by the month
Month New Closed Contracts accepted
January 1105 566 858
February 1267 529 1024
March 1186 707 1079
April 648 786 775
May 1352 1010 1444
June 1232 908 1534
July 1417 1453 1852
August 1037 1335 1436
September 1176 1503 1503
October 843 1116 1159
November 326 484 472
Totals 11589 10397 13136
September is the best month so far this year for closed single family homes. This is the only column with actual numbers you can count on.
New listings can be relisted as new. Some agents do this so it does not look like it has been on the market very long.
Contract accepted may not end up closing because of home inspection issues or attorney review items could not be satisfactory negotiated. They might be reactivated and then go contract pending again. So you can’t count on these numbers.
At the end of each month I will compare to 2019 and 2018 so you can get an idea of how this year is going compared to those years.
Call us at 630-503-6555 with all of your real estate questions. Your goal is our goal. We will do everything we can to help you reach your goal.
Request a home valuation if you are thinking about selling your home. We will provide you with a net proceeds that gives you an estimate of the expenses to sell. This will be updated when an offer comes in and we know all the terms so you can make a good decision.
Are you thinking about buying a home? You need to get your tax returns, check stubs, bank statements and any monthly payments like car payments together and contact a loan officer so they can prequalify you. They will provide you with a letter that shows what price and what type of loan you qualify for. When you find a home this will go with an offer so you can show the seller you do qualify for their home.
Check out some great resources:
- Types of loans and the process
- VA loans and the requirements
- Current interest rates
- Down payment assistance
- Illinois homeowner assistance and some community assistance
Also check with your lender for any special programs they have. You might be able to combine down payment assistance with some of their programs.
Homes are selling like hotcakes so if you are thinking about selling now is a great time!
Check back with us every Saturday for the market update. Call us in-between with any questions or if you see something you would like to take a look at.
Market update Fox Valley week 46. Have a great week!
Kristine Heiman, Designated Managing Broker
Best Homes Fox Valley-Search for a home today!
200 Webster St
Montgomery, IL 60538
630-503-6555 ext 101